AEROJET ROCKETDYNE HOLDINGS, INC.

CIK:0000040888|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 566.3	$ 511.1
Operating costs and expenses:
Cost of sales (exclusive of items shown separately below)	488.2	425.5
Selling, general and administrative expense	10.3	8.2
Depreciation and amortization	13.3	14.4
Other expense, net
Merger costs	20.0	0.0
Legal matters	0.0	16.1
Other	1.2	4.2
Total operating costs and expenses	533.0	468.4
Operating income	33.3	42.7
Non-operating:
Retirement benefits (income) expense	(2.4)	0.3
Interest income and other	(3.8)	0.2
Interest expense	5.7	3.9
Total non-operating (income) expense, net	(0.5)	4.4
Income before income taxes	33.8	38.3
Income tax provision	6.0	10.5
Net income	$ 27.8	$ 27.8
Earnings per share of common stock
Basic earnings per share (in dollars per share)	$ 0.34	$ 0.34
Diluted earnings per share (in dollars per share)	$ 0.34	$ 0.33
Weighted average shares of common stock outstanding, basic (in shares)	80.6	80.2
Weighted average shares of common stock outstanding, diluted (in shares)	80.7	85.8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities
Net income	$ 27.8	$ 27.8
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	13.3	14.4
Stock-based compensation	4.5	(0.9)
Retirement benefits, net	(3.3)	(6.6)
Other, net	(0.5)	0.9
Changes in assets and liabilities:
Accounts receivable	(50.8)	(82.8)
Contract assets	34.1	(17.8)
Other current assets	38.9	5.9
Recoverable environmental remediation costs	5.4	5.5
Other noncurrent assets	0.5	6.8
Accounts payable	(20.3)	(19.0)
Contract liabilities	(27.1)	0.2
Other current liabilities	(49.6)	45.3
Deferred income taxes	(31.2)	(45.8)
Reserves for environmental remediation costs	(5.2)	(2.7)
Other noncurrent liabilities	30.7	(6.2)
Net Cash Used in Operating Activities	(32.8)	(75.0)
Investing Activities
Capital expenditures	(1.6)	(2.2)
Net Cash Used in Investing Activities	(1.6)	(2.2)
Financing Activities
Dividend payments	(0.5)	(1.2)
Debt repayments	(3.9)	(7.1)
Repurchase of shares for withholding taxes under equity plans	(14.1)	(4.3)
Proceeds from shares issued under equity plans	3.3	0.3
Net Cash Used in Financing Activities	(15.2)	(12.3)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(49.6)	(89.5)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	325.2	703.4
Cash, Cash Equivalents and Restricted Cash at End of Period	275.6	613.9
Supplemental disclosures of cash flow information
Cash paid for interest	$ 5.4	$ 2.6

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 272.5	$ 322.1
Restricted cash	3.1	3.1
Marketable securities	11.2	10.5
Accounts receivable	177.4	126.6
Contract assets	417.0	451.1
Other current assets	116.8	155.6
Total Current Assets	998.0	1,069.0
Noncurrent Assets
Right-of-use assets	51.4	54.5
Property, plant and equipment, net	411.9	420.2
Recoverable environmental remediation costs	216.1	221.5
Deferred income taxes	240.1	208.7
Goodwill	161.4	161.4
Intangible assets	26.6	28.3
Other noncurrent assets	207.5	208.2
Total Noncurrent Assets	1,315.0	1,302.8
Total Assets	2,313.0	2,371.8
Current Liabilities
Current portion of long-term debt	14.8	14.7
Accounts payable	122.8	142.1
Reserves for environmental remediation costs	37.9	36.9
Contract liabilities	307.6	334.7
Other current liabilities	167.2	218.7
Total Current Liabilities	650.3	747.1
Noncurrent Liabilities
Long-term debt	284.9	288.4
Reserves for environmental remediation costs	247.4	253.6
Pension benefits	227.2	229.3
Operating lease liabilities	44.5	46.2
Other noncurrent liabilities	295.9	265.9
Total Noncurrent Liabilities	1,099.9	1,083.4
Total Liabilities	1,750.2	1,830.5
Commitments and contingencies (Note 8)
Stockholders’ Equity
Preferred stock, par value of $1.00; 15.0 million shares authorized; none issued or outstanding	0.0	0.0
Common stock, par value of $0.10; 150.0 million shares authorized; 80.6 million shares outstanding as of March 31, 2023; 80.7 million shares outstanding as of December 31, 2022	8.1	8.0
Other capital	501.0	507.2
Treasury stock at cost, 2.0 million shares as of March 31, 2023 and December 31, 2022	(63.0)	(63.0)
Retained earnings	204.8	176.6
Accumulated other comprehensive loss, net of income taxes	(88.1)	(87.5)
Total Stockholders’ Equity	562.8	541.3
Total Liabilities and Stockholders’ Equity	$ 2,313.0	$ 2,371.8